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The minimum income amount depends on your filing status and age. In 2019, for example, the minimum for single filing status if under age 65 is $12,000. If your income is below that threshold, you generally do not need to file a federal tax return.

You Have investment income below $3,650 in the tax year you claim the credit. Have a valid Social Security number. Claim a certain filing status. Be a U.S. citizen or a resident alien all year.

For 2021, the Child Tax Credit is worth $2,000 per qualifying child, and households can claim the Child Tax Credit for every child who qualifies. For example, if you have three children 16 or under, you can take a Child Tax Credit of $6,000.

The exact amount of the credit depends on where your income falls under the range. The maximum credits for 2021 are $543 for those with no qualifying children, $3,618 for those with one child, $5,980 if you have two children, and $6,728 for those with three or more children

A sole proprietor without employees and who does not file any excise or pension plan tax returns does not need an EIN (but can get one). In this instance, the sole proprietor uses his or her social security number (instead of an EIN) as the taxpayer identification number.